National Grid takes $402m hit from New York wind project

National Grid beat annual profit estimates on Thursday, driven by strong earnings from its UK electricity transmission and New York businesses, and said it remains on track to invest 60 billion pounds($80 billion) in energy networks through March 2029.

However, it booked a 303 million pound ($403 million) impairment charge as the company and Germany's RWE paused development of a New York offshore wind project after popular moves against the industry by US President Donald Trump's administration.

"Given current market conditions and increased uncertainty on the development timeline of Community Offshore Wind...we have reduced the scope of our development activities until there is greater certainty," the company said in a statement.

National Grid reported adjusted operating profit of 5.36 billion pounds for the year ended March 31, compared with 5.29 billion pounds expected by 12 analysts in a company-compiled poll.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Nivedita Bhattacharjee)